Wednesday, April 06, 2022

Indonesia Energy Corp (INDO)
Rating upgraded to Market Perform following sharp price decline

Indonesia Energy Corp Ltd is an oil and gas exploration and production company focused on Indonesia. It holds two oil and gas assets through its subsidiaries in Indonesia: one producing block (the Kruh Block) and one exploration block (the Citarum Block). The Kruh Block is located to the northwest of Pendopo, Pali, South Sumatra. The Citarum Block is located to the south of Jakarta.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

We are raising our rating on the shares of INDO. The shares of INDO took on a MEME stock character beginning in the third week of February rising from a price near $4.50 per share to as high as $87 per share in a mere two weeks. During that two week period, there were no significant company developments although it should be noted that oil prices rose from $92/bbl to $109/bbl. Since peaking on March 7th, the shares have steadily declined, recently settling at a price near $20 per share.

We downgraded the stock to Underperform from Outperform on March 8th after the stock shot through our $15 price target.  Since that time, oil price have been relatively flat and the only company development was the filing of a preliminary prospectus (3/8/22) for the resale of up to 9.1 million shares of stock including 8.3 million by an unnamed shareholder. As such, we continue to believe a fair …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.